In projecting cash flows the most difficult problem is in determining the exact amount of monthly receipts and disbursements.
Answer the following statement true (T) or false (F)
True
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Revising an estimate of the useful life or salvage value of a plant asset is referred to as a change in accounting estimate and is reflected in the current, and future financial statements.
Answer the following statement true (T) or false (F)
Cash received in advance of providing goods or performing services is recorded as ________.
A) Unearned Revenue B) Accrued Revenue C) Service Revenue D) Uncollected Revenue
Which of the following is NOT true regarding standards for interim reporting?
a. Declines in inventory value should be deferred to future interim periods. b. Use of the gross margin method for computing cost of goods sold must be disclosed. c. Costs and expenses not directly associated with interim revenue must be allocated to interim periods on a reasonable basis. d. Gains and losses that arise in an interim period should be recognized in the interim period in which they arise if they would not normally be deferred at year-end.
When the payment for an annuity is made at the end of each period, such an annuity is referred to as a(n) _____.
A. ordinary annuity B. annuity due C. immediate annuity D. terminal annuity E. discounted annuity